REUTERS: Goldman Sachs on Thursday cut its price target on Tesla Inc by 21per cent, to third lowest on the Street, on concerns about the sustainability of demand for the electric car maker's models.
"While there is potential upside surprise from a faster ramp or pull forward of Model Y ahead of schedule, there is likely cannibalization of current Model X and Model 3 product demand with a crossover variant," Tamberrino wrote in a note. "We believe that is the largest question for investors to underwrite at this point — what are sustainable demand levels for the Model S, Model X, and Model 3 — and how does that change with the introduction of Model Y production," Tamberrino said.The brokerage maintained his"sell" rating on the stock and cut its target by US$42 to US$158, 34per cent below the median target, saying the Street is"still modeling too optimistic sustainable volumes for Tesla".
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